Wormhole Token Rollercoaster: Volatility and Airdrop Thrills
The Wormhole token price experienced wild fluctuations, quickly surging to $2 after the airdrop, then plummeting 25%, but quickly rebounding to $1.50. The airdrop attracted the attention of crypto celebrity Beeple and also attracted phishing scams.
Airdrops stimulate price fluctuations
Wormhole’s native token, WHM, experienced a roller coaster of price action following its airdrop on April 4, 2024. Within two hours of the airdrop, WHM price surged to a high of $2, but then quickly plummeted nearly 25% to $1.25. However, it didn't stop there and quickly rebounded, surging over 10% to $1.50 at the time of writing. According to data from CoinGecko, trading volume exceeded $17 million during this period.
Crypto celebrity attention
The airdrop attracted the attention of big names in the crypto space, including renowned artist Beeple. He shared the Wormhole-inspired artwork with his 2.3 million Twitter followers, writing: "I just got some tokens from the Wormhole airdrop, so I wanted to make some art with them." Beeple's participation undoubtedly contributed to the Wormhole airdrop It brought huge attention and popularity.
Phishing scam
The excitement of the airdrop also attracted the attention of scammers. There have been reports of phishing scams targeting users eager to participate in the Wormhole airdrop. These scams often disguise themselves as Wormhole's official website or social media accounts, tricking users into providing personal information or private keys. Crypto enthusiasts like DefiLlama’s @0xngmi and cybersleuth ZachXBT took to social media to warn others of potential scams, urging people to exercise caution amid growing interest in Wormhole activity.
Wormhole raises $225 million
Wormhole completed a major funding round last year, raising $225 million at a valuation of $2.5 billion. Notable investors in the round include leading crypto venture capital firms including Brevan Howard, Coinbase Ventures, Multicoin Capital, Jump Trading, and Borderless Capital.
The airdrop of Wormhole tokens triggered huge market fluctuations and attracted the attention of crypto celebrities and the covetousness of scammers. Investors should be more vigilant when participating in airdrop activities and beware of being deceived.
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